If you had an extra $13K in revenue coming into your business every year, what would you do with it?
Would you play it smart and reinvest it in your business? Or would you use it to improve your quality of life instead? Maybe you have credit card debt or medical school loans to pay off, or you’ve been planning a trip to Europe with your family in the near future.
What if we told you that there really was a way to bring in this much additional money—and that it only takes minimal effort on your part?
Well, you’re in luck, because there is.
The secret to your newfound wealth? Fee-free credit card processing apps.
Maybe you’ve never heard of them. In fact, most business owners haven’t.
But these nifty programs help you avoid paying thousands of dollars each month in credit card processing fees, so you can pocket that money and do what you want with it instead.
Keep reading to learn what fee-free credit card processing apps are and how you can hook your Fraxel laser business up with one in two easy steps. So, without further ado, let’s dive in!
Before we get into the nitty-gritty of things, let’s start at the beginning. What exactly are fee-free credit card processing apps?
In short, these apps eliminate the burden of paying hefty credit card transaction fees so you can take home 100% of your credit card revenue. Best of all, it’s completely legal, thanks to the Dodd-Frank Act passed in 2010.
So, how does it work?
Fee-free credit card processing apps work using what’s called a surcharge program. As its name suggests, a credit surcharge program involves having your clients cover payment processing fees, allowing you to offset the transaction fees you’d normally owe on credit card payments.
So, let’s say a client is paying for Fraxel laser treatment. By using a fee-free credit card processing app and a surcharge program, you will:
But how do you explain this to your customers? Surely, your clients won’t like this new system, will they?
Chances are, they’ll actually prefer it. In many cases, business owners looking to avoid losing money to credit card transaction fees will actually increase their prices to account for this loss in revenue. What customers don’t know is that these new prices are often much higher than the amount they’d pay with credit surcharge programs.
With one of these programs in place, your customers actually save money by paying only the transaction fee. And by paying with cash, they can save even more.
Still not convinced that fee-free credit card processing apps are right for you? Let’s break down how much you’ll save by implementing one.
For our purposes, let’s focus on how much money you’re losing from just one type of treatment offered at your medspa or clinic.
Although the cost for Fraxel laser procedures can vary between $500 and $5,000 per treatment, you can expect to pay about $1,500 on average per session in a New York City-based clinic.
And because these procedures typically require multiple visits to fully correct scarring, texture, and pigmentation, you’ll probably see several of your clients a few times a year before they’re satisfied with their results.
So, if you charged $1,500 per treatment and met with 25 patients every month, you’d make $37,500 in recurring monthly revenue.
But here’s where those credit card transaction fees come in.
A Federal Reserve study shows that, time and again, people would rather pay for expensive purchases with credit instead of cash. So, because Fraxel laser treatments are considered high-ticket purchases, most people will pay for these procedures with their credit cards.
Most merchant service providers (MSPs) will charge you an additional 1.3–3% for every credit card purchase you process. For this example, let’s say your MSP charges you an even 3% in credit card transaction fees.
That means that every month, you’ll pay $1,125 in processing fees. In one year, you can expect to pay a whopping $13,500 in fees on Fraxel laser procedures alone.
You’ve already imagined what you’d do with an extra $13K in revenue. With a fee-free credit card processing app in place, those goals suddenly become much more attainable.
Now that you know what fee-free credit card processing apps are (and how much you and your business stand to gain by implementing one), let’s take a look at how to set one up for your business. (Hint: It’s much easier than you think. So easy, in fact, that you can complete it in as little as one business day.)
No hoops to jump through here—it really only takes two steps and a few days to eliminate credit card processing fees and start saving your business thousands of dollars.
Sound familiar? That’s because it is!
Merchant service providers handle the credit and debit card transactions for every merchant (business). We mentioned them earlier—they’re the ones charging you an additional 1.3–3% for every credit card purchase you process
If your business accepts credit card payments, you’re probably working with an MSP already. That’s great! It means you’re one step closer to implementing fee-free credit card processing.
But if you don’t have one yet, don’t worry. Let’s take a look at how you can get started with an MSP.
Finding the right MSP for your business isn’t difficult, but you’ll want to make sure that you choose the right one for your medspa or clinic.
The biggest point of contention for most business owners? Pricing. Merchant service providers tack on a variety of fees to their service offerings; choosing the wrong one can result in higher-than-anticipated costs.
You should opt for pass-through pricing, which allows you to see what your fees will be, instead of tiered pricing. Tiered pricing organizes transactions into categories and charges you accordingly. And because you can’t always predict which category a transaction will fall into, you can end up paying much more than expected.
While you shop around for MSPs with pass-through pricing, you’ll want to take a look at what they charge for these fees in particular:
You might be thinking, “But wait… I thought you were supposed to help me save money!” And you’re right. We’ll let you in on a little secret: you can reduce your MSP’s markup fees, if you’re willing to engage in some negotiation.
Markup fees are how merchant service providers make money on their offerings. But they may be willing to lower their markup rate in order to gain the business of a successful medspa or clinic like yours. In fact, we’ve seen businesses secure discounts up to 5–10%. Not bad, right?
However, it’s not enough to choose an MSP based on cost alone. To get the best value for both you and your customers, you should take the following into account as well:
Once you find the MSP that’s right for your Fraxel laser business, they’ll walk you through the setup process. And in just a few business days, you’ll be able to accept card transactions and connect your merchant account to a fee-free credit card processing app (and, most importantly, start saving thousands).
Thankfully, this step requires less involvement from you and relies more on collaboration between your MSP and processing app provider instead. Your only responsibility lies in making sure that your fee-free credit card processing app is compatible with your merchant service provider.
Once you get the go-ahead from your credit card processing app vendor, you’re now ready to accept credit card transactions without the burden of paying unnecessary processing fees.
Choosing a fee-free credit card processing app like Nadapayments allows you to increase your revenue substantially without putting in an equivalent amount of effort. But that’s just one of the benefits you get from working with a company like ours.
Our payment processing solution integrates seamlessly with most POS systems, so there’s no need to go back and forth with your MSP to try and figure things out. Our terminals connect to Wi-Fi as well, so you can process payments anywhere there’s a Wi-Fi connection—in person or online.
The setup process is simple (and 100% free), but if you’re having some trouble, our customer support team is here to help you 24/7/365.
And if you decide you don’t like what we have to offer, you can cancel your service anytime.
Ready to start taking home 100% of what you earn?
Get in touch with one of our support specialists and experience our VIP service for yourself by calling +1 (929) 293-1800, or click the link below to start your setup process today.